Bachmann: Feds demand banks contribute to ACORN or lend to bad risks; Feds now control 1/3 private wealth in America and will soon control more

Glenn Beck talks with Michele Bachmann

GlennBeck.com
10/14/2010
[all emphasis CAJ’s]

…CONGRESSWOMAN BACHMANN: No. People have had it. When they see what’s going on with ACORN, with this phony baloney healthcare bill why it’s not even words on a sheet of paper the people are voting on; it’s a concept. This is isn’t even a bill they voted on yesterday.

GLENN: Has that ever been done before?

CONGRESSWOMAN BACHMANN: No.

GLENN: We’re looking into it. My researchers say it’s never been done before. They are voting on a red line piece of paper, something that is all marked up. It’s not even actually written down.

CONGRESSWOMAN BACHMANN: It not one word of a law has been written yet and these people took a vote on a bill that hasn’t been written. What’s worse is the federal government estimated how much this bill would cost. You can’t estimate how much it’s going to cost if you don’t have words on a sheet of paper telling you this is the actual bill language. One word can make all the difference in the bill, and they don’t have one word written of an actual legislative language. This is a travesty.

GLENN: Okay. You just sent a letter out because you sent a letter out to the FDIC, and I can’t believe you actually wrote “The honorable” before her name but you wrote it to the honorable Sheila Bair. She runs the FDIC. You have exposed something and this is breaking news today on ACORN. Michele Bachmann now has exposed yet this hang on, gang yet another assault on your wallet by ACORN and those with power or those who just did whatever they had to do to be able to hang onto their wallet in the in Wall Street and the financial district. Can you explain what you found?

CONGRESSWOMAN BACHMANN: Yeah. This is one thing you do so well is you connect the dots, and the dots are connecting between the federal government and ACORN. Very simply this is it: The federal government wrote a law called the Community Reinvestment Act. It demands that banks make loans to people who are poor credit risks. So that law was already passed.

GLENN: Okay. Now, that law actually was passed by Bill Clinton.

CONGRESSWOMAN BACHMANN: That’s right.

GLENN: And it was pushed by Barney Frank and I believe Senator Dodd was involved with that.

CONGRESSWOMAN BACHMANN: That’s right.

GLENN: All of the usual suspects were involved.

CONGRESSWOMAN BACHMANN: All of the usual subjects including some Republicans that got behind this law. The Community Reinvestment Act. So that was already passed. Then what happened, the federal government hung a threat over these banks because banks didn’t want to make loans to people who were poor credit risks. That’s not they are there in the business to do. So as part of the demand from the federal government, what they said is if the banks fail to lower their lending standards, then the federal government would shut down their interstate bank branches and they would not allow banks to open new branches. So in other words, the federal government would essentially shut these banks down if they refuse to make bad loans to people who wouldn’t be able to pay them back.

GLENN: Right.

CONGRESSWOMAN BACHMANN: And what we found out, Glenn.

GLENN: Listen to this.

CONGRESSWOMAN BACHMANN: And we’re breaking this story on your radio show is that one way the banks could satisfy their requirement under the Community Reinvestment Act is they could partner with ACORN. So a bank could either make a cash donation to ACORN, they could give equipment donations or they could work with ACORN to provide these loans to people who are poor credit risks. One bank that did that was the Citizens Bank of Massachusetts. They put it in a partnership with ACORN. Minnesota Bank, Northeast Bank of Minnesota donated $2,000 to ACORN. New York Bank. We’ll put all of this information up on our website at MicheleBachmann.com. But this is huge. Here you have the federal government demanding that banks lower their lending standards. And as a threat to these banks the federal government says we’re putting you out of business unless you make these bad loans. But one way you can satisfy your Community Reinvestment Act rating, because you have to get a certain score, one way you could satisfy your score, give money to ACORN. Work with ACORN. You work with ACORN, you’re good with us, says the federal government. This is so bad. But the dots are connecting…

…CONGRESSWOMAN BACHMANN: That’s why Speaker Pelosi has made me her number one target to defeat next year. She wants me gone next year.

GLENN: I have to tell you something. I want you to pass this along to your friends in congress that are that stand by the Constitution and stand against corruption. And I think there are good Democrats and good Republicans. I think the Democrats are more afraid than Republicans are because they know who’s got their party by the throat. But you tell them that I am currently in fact, I was just in the break, I was in the hallway talking about something that we’re working on for next year and hopefully we’ll be announcing here in the next month or so. You tell your friends in congress they haven’t seen anything yet. You wait until next year. They haven’t seen anything.

CONGRESSWOMAN BACHMANN: They need to know that. And the best way they can know is by the American people getting a hold of their member of congress and saying this is it: You take orders from me; I don’t take orders from you, and you do not pass healthcare and you defund ACORN and you do it now.

GLENN: Do you know, Michele, do you think that the people in congress have any sense to them of the trouble that they are in? I mean, you know, I’ve talked to a few reporters who are, you know, decent reporters and don’t ever want anybody to know that I speak to them. But they’re decent reporters that people think are, you know, in the bag for Obama or whatever and they say that the politicians are all saying, “Well, these people will go back to sleep again soon, these people will be off, you know, they’re not going to they will be distracted by something else. The people don’t have a long memory.”…Americans who feel that their representatives have betrayed the Constitution or at least borderline betrayed the Constitution and sold our children into a lifetime of servitude, to be able to pay off the things that they are now buying up now, they are not going to be forgotten and they are not going to be forgiven…

CONGRESSWOMAN BACHMANN:…In one year’s time, in a stunning move, we’ve seen the federal government take over 30% of all private wealth produced in this country. One year ago 100% of private business profits were private. Today 30% of private business profits are owned or controlled by the federal government. If they get their way and take over healthcare

GLENN: Whoa, whoa, whoa, whoa. All of us are looking at each other saying, wow, I’ve never heard that stat. Where do you get that stat?

CONGRESSWOMAN BACHMANN: Oh, no, that’s true. An, an economist from Arizona State University has calculated that since the inception of bailout nation, we have seen the federal government own or control 30% of private business profits.

GLENN: Oh, my gosh.

CONGRESSWOMAN BACHMANN: If the federal government lays claim to the private wealth produced in healthcare, Glenn, that’s another 18%, or 48% of the private wealth. And if they lay claim through cap and trade, what Lindsey Graham is getting on board with, that’s another 8%, or 56% of the private wealth produced in this country. That’s stunning. That is stunning. …At that point we are no longer a free market capitalist country. That’s why people are nervous for a reason. People aren’t crazy. They haven’t been ginned up by talk show hosts. This is real. This is real what we’re seeing in front of our eyes. And that’s why I do believe that politicians are going to quake in their boots. And if they aren’t, they better. They better…

…CONGRESSWOMAN BACHMANN: Well, of course. I always have been. I’m a former federal tax lawyer. My husband and I have raised five kids. We’ve raised 23 foster kids. We started a business. I had a really good life before I ever came to Washington D.C., and I left being at home with our family because I saw that my 23 foster kids and my five biological kids aren’t going to have a chance, not a chance if the federal government goes down this road.

GLENN: Do you know, do you realize the carbon footprint of your family?